Any recommendations on a well priced intermediary? It seems as though they all do the same thing since the laws are so stringent. I have found $450 as the lowest price so far. Thanks
First, why are you looking for the lowest price QI? You should be looking for the SAFEST and the most KNOWLEGDAGLE QI. They are holding your funds for up to 180 days and you should make sure they will be there in 180 days with your funds (check fidelity bond coverage, errors and omissions insurance coverage, liability insurance coverage, and exactly how do they hold YOUR funds). You should also make sure they have the technical knowledge so that you know you will have a successful 1031 exchange. Pricing should never be the primary or secondary concern.
Second, when looking at pricing, also look at the transaction fees, wire transfer fees, FedEx charges and what or how much interest the QI will pay you. There are a number of QI's that charge all sorts of transaction fees and have lower 1031 exchange fees, but KEEP all of the interest and actually turn out to be more expensive.
Do not be penny wise and pound foolish. Protect your 1031 exchange funds.
[addsig]
Thanks for the info. I was unaware that I needed to specify that I was looking for a company that would be around in 180 days. That's a given. Let me rephrase...All things being equal, and in the realm of legitimate companies, (which I'm sure are the only ones that the professional experienced investors on this site would consider using) does anyone have an opinion on the best priced one out there?
Thank you
Don't forget to check with your bank's Trust Department. Mine will serve as a qualified intermediary, escrow exchange funds, pay me the interest earned on my escrowed funds, and does not charge wire transfer fees.
At one time their fee was $350 but over the years it has risen to $750. The bank, however, did not give me a written exchange escrow agreement -- that came from my lawyer for a separate fee.
You might want to confirm that the professional exchange facilitator's fee includes all the legal paperwork needed to complete the exchange.
Wexeter
Gave you great advice and you just blew it off. Looking for the lowest fee is the worst way to choose. Look by reputation, references and referrals. Saving a few dollars up front is not worth it. Besides the companies that charge the lowest fee charge you more is courier fees and processing fees and service fees etc...
Francine, can you share? I'm looking too.
This is the one I found for $450.
http://www.bayview1031.com/
Thank you! I am continuing to search as well. Will let you know of anything I find.
-Grey
I find wexeter very knowledgeable. He is a member on tci site, look him up.
Two comments here.
First, why are you looking for the lowest price QI? You should be looking for the SAFEST and the most KNOWLEGDAGLE QI. They are holding your funds for up to 180 days and you should make sure they will be there in 180 days with your funds (check fidelity bond coverage, errors and omissions insurance coverage, liability insurance coverage, and exactly how do they hold YOUR funds). You should also make sure they have the technical knowledge so that you know you will have a successful 1031 exchange. Pricing should never be the primary or secondary concern.
Second, when looking at pricing, also look at the transaction fees, wire transfer fees, FedEx charges and what or how much interest the QI will pay you. There are a number of QI's that charge all sorts of transaction fees and have lower 1031 exchange fees, but KEEP all of the interest and actually turn out to be more expensive.
Do not be penny wise and pound foolish. Protect your 1031 exchange funds.
[addsig]
Thanks for the info. I was unaware that I needed to specify that I was looking for a company that would be around in 180 days. That's a given. Let me rephrase...All things being equal, and in the realm of legitimate companies, (which I'm sure are the only ones that the professional experienced investors on this site would consider using) does anyone have an opinion on the best priced one out there?
Thank you
Don't forget to check with your bank's Trust Department. Mine will serve as a qualified intermediary, escrow exchange funds, pay me the interest earned on my escrowed funds, and does not charge wire transfer fees.
At one time their fee was $350 but over the years it has risen to $750. The bank, however, did not give me a written exchange escrow agreement -- that came from my lawyer for a separate fee.
You might want to confirm that the professional exchange facilitator's fee includes all the legal paperwork needed to complete the exchange.
Wexeter
Gave you great advice and you just blew it off. Looking for the lowest fee is the worst way to choose. Look by reputation, references and referrals. Saving a few dollars up front is not worth it. Besides the companies that charge the lowest fee charge you more is courier fees and processing fees and service fees etc...